Trinity Industries record 1Q beats Street

Trinity Industries on Tuesday, April 29, 2014, reported record net income of $226.4 million, or $2.85 per share, during its first quarter, up substantially from $79.1 million, or 99 cents per share, in the comparable quarter of 2013.

The strong showing exceeded Wall Street per share estimates for the quarter of $2.54. First-quarter revenue of $1.46 billion was up 57% from $932.9 million in the first quarter of 2013, and also sailed past Wall Street consensus analyst estimates of $1.33 billion.

Dallas-based Trinity Industries said it has been successful in extending year-over-year growth in both revenue and net income since the fourth quarter of 2010.

"The company sustained its positive momentum during the first quarter, reporting a record level of net income and EPS that exceeded prior record levels by a wide margin. During the first quarter, all of our business groups improved their results, increasing both operating profit and margin compared to the prior year," Chairman, President and CEO Timothy Wallace said in a statement.

Trinity's rail group revenue rose 37% to $857 million, also a record, though revenue from the company's inland barge group declined. The rail group shipped 6,890 railcars and received orders for 9,625 railcars during the first quarter, resulting in a record backlog of 42,830 units with a record value of $5.2 billion.